The Effect of Executive Stock Option Plans on Stockholders and Bondholders
发现高管股票期权计划会促使管理者增加风险，导致股价波动率上升，股东受益而债权人受损，引发财富从债权人向股东转移。
ABSTRACT Executive stock option plans have asymmetric payoffs that could induce managers to take on more risk. Evidence from traded call options and stock return data supports this notion. Implicit share price variance, computed from the Black‐Scholes option pricing model, and stock return variance increase after the approval of an executive stock option plan. The event is accompanied by a significant positive stock and a negative bond market reaction. This evidence is consistent with the notion that executive stock options may induce a wealth transfer from bondholders to stockholders.